CCAGW Annual Ratings

Consumer Financial Protection Reevaluation – Passage


Passage of the bill, as amended, that would statutorily clarify and establish certain objectives, authorities, and offices of the Consumer Financial Protection Bureau. Among provisions related to CFPB organization and authorities, the bill would require the CFPB director to ensure each statutorily established functional unit of the agency performs its assigned duties and functions; require the director to provide "adequate staff" to each unit to carry out these functions; and prohibit the director from reorganizing or renaming such units. It would statutorily reestablish a CFPB Office of Students and Young Consumers to inform students and young people about education-related savings, loans, and debt. It would statutorily authorize the CFPB Office of Fair Lending and Equal Opportunity to carry out any supervisory and enforcement activities regarding fair lending laws. It would statutorily designate the CFPB as the Consumer Financial Protection Bureau, replacing any references in federal laws and documents to the "Bureau of Consumer Financial Protection." Among other provisions, the bill would require the CFPB director to ensure the number and duties of political appointees on staff match those of such appointees at other federal financial regulatory agencies. It would add certain qualifications for CFPB consumer advisory board members, urging the CFPB director to appoint certain experts and representatives, including experts in consumer protection, community development, and fair lending, and representatives of communities "significantly impacted" by higher-priced mortgage loans. It would require the CFPB database of consumer complaints to remain publicly available on the CFPB website. As an offset for its provisions, the bill, as amended, would reduce by a total of $38 million the amount of discretionary surplus funds that may be held by the Federal Reserve. As amended, the bill would require the Consumer Financial Protection Bureau to reissue a 2017 rule prohibiting arbitration agreements between consumers and providers of consumer financial products, such as credit card companies, that bar consumers from participating in class action lawsuits against providers. It would reinstate memoranda of understanding between the CFPB and Education Department regarding coordination of oversight related to federal student loans.

Vote Number: 
House Vote 228
Bill Number: 
HR 1500
CCAGW Position: 
Vote Results: 
Passed 231-191 : D 231-0; R 0-191